Compliance

Former managing directors at Putnam Investments Justin Scott and Omid Kamshad have agreed to each pay $400,000 to settle charges with the Securities and Exchange Commission (SEC) over their role in a mutual fund trading scandal dating back to 2003.

The Securities and Exchange Commission (SEC) will host a roundtable discussion about Rule 12b-1 under the Investment Company Act of 1940, which allows mutual funds to use fund assets to finance the distribution of their shares.

BISYS Group, Inc. has agreed to a $25 million settlement with the Securities and Exchange Commission (SEC) over charges that the financial services provider used improper accounting practices to overstate earnings by as much as $180 million.

Although the ruling in Financial Planning Association v. SEC was set to go into effect today, the Securities and Exchange Commission (SEC) has filed a stay, asking for more time to transition fee-based brokerage accounts into other account types.

Five black current and former employees of Bank of America Corp. filed a discrimination suit Thursday against the bank, alleging that it assigns its black employees to primarily minority neighborhoods and low net-worth accounts.

Current and former customers of Edward D. Jones&Co. customers who were “victims″ of the firm’s failure to adequately disclose revenue payments from a select group of mutual fund companies have received $79 million in a Fair Fund distribution, the Securities and Exchange Commission (SEC) announced Thursday.

The U.S. Department of Labor’s (DoL) Employee Benefits Security Administration will tomorrow publish a "request for information" (RFI) in the Federal Register asking for proposals on how to best approach 401(k) fee disclosures by retirement plans to their participants.

A federal judge threw out an antitrust lawsuit against dozens of insurance brokers and insurers at some of the largest U.S. firms by policyholders who claimed that the defendants conspired with each other to fix insurance prices, but gave the plaintiffs one last chance to amend their case.